16th Nov 2021 18:09
Vitec Group PLC - Richmond, West London-based photography and video products maker - Says it has agreed to acquire Phoenix, Arizona-based photo backdrop maker Savage for up to USD57.3 million in cash. Completion is expected by the end of November. Also says for four months to October 31, has continued to see strong order intake and revenue, above 2019 levels, albeit with some component shortages, particularly in the Creative Solutions Division, holding revenue back. Vitec now expects financial 2021 adjusted pretax profit to be slightly above current market consensus of GBP40.8 million.
Current stock price: 1,495.00 pence
Year-to-date change: up 63%
By Arvind Bhunjun; [email protected]
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